We have just received through the post a letter from GT asking us to sign to agree to another variation meeting with regards to the PPI and the VAT issue.
With it came a whole list of variations that Grant Thornton could use to enable them to complete our IVA and issue our certificate.
We had a Full and Final variation meeting in December last year (which included PPI) which was accepted by creditors.
Our file has been with the closures team since then and the last email from them said that they were in the process of distributing final dividends to creditors.
The correspondence from GT states that if we do not respond or vote 'no' to the proposals our IVA will remain on our orignal, less favourable contract.
I spoke to a representative explaining that our IVA was in closure having met all our obligations and she said that we still needed to sign this so that any PPI that we didn't know about could still be claimed as creditors were not allowing closure until all had been accounted for.
This is not making any sense as our creditors have already agreed to a Full and Final settlement.
My husband is not going to sign as he says it will change our original terms of contract and all the agreements met to date on our file relate to it.
Can someone tell me what more we can do because apart from getting us both mad, it is making us ill.
Where do we legally stand here? We Started our IVA October 2006.
It must be so frustrating for you both but my advice is to sign so taht your completion can be actioned.If you delay, and I fully understand your reasons to, you will just have to wait even longer
Hi Borneo - I cannot tell you what to do in these circumstances. For myself ( I have a F&F variation coming up soon) I have declined to sign the spotty letter on the grounds that most of the "variations" therein are already in my original proposal. PPI is already being investigated and the only party to gain would be GT with their increase in fees ( if the creditors agreed).
They have the power available to them to deal with PPI under a "Gallagher Trust" in any event.
If they attempt to use my refusal to sign this variation to stall the issue of my certificate they will, I am afraid, have one hell of a fight on their hands.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Hi
It must be so frustrating for you both but my advice is to sign so taht your completion can be actioned.If you delay, and I fully understand your reasons to, you will just have to wait even longer
Regards
Andy, why do you think it will delay completion if they refuse to sign the letter? It explicitly says that the IVA will be handled in the usual way if the customer declines to sign. As far as I can see there is nothing in the letter that guarantees a quicker completion.
Surely the thing to do is to compare the terms offered in your original IVA to the revised terms offered in the spotty and to make your decision based on which terms are more favourable? Or am I missing something?
Did the terms of your full and final settlement provide that the offer was made in full and final settlement of your all your obligations under the IVA?
Thanks for all the replies.
Firstly Bradders, that is exactly the point I was trying to make when I spoke to the closures team about the letter we had received.
Melanie... our Full and Final was accepted with PPI. The reason for the variation was: Unable to re-mortgage/Early Settlement.
(December 2012).
The meeting was arranged by GT a few months after our file was taken over from Tenon when there had been a previous variation by them (Tenon) to sort out the VAT issue, which was also accepted by creditors, (we have the documentation saying so), but unfortunately Tenon did not conclude it...hence the delay which seems to have gone on and on.
The only issue there is now is that GT are saying that credit cards were not included in the PPI claims.
Surely this should have been picked up at the Full and Final Variation meeting. They had all the details of our creditors included in the IVA. Why it has taken them 6 months to realize this I shall never know. As far as we are concerned an accepted Full and Final Settlement means just that! Or are we missing something?
You will need to check whether it included the terms I have previously stated. If not, then they are probably entitled to pursue the PPI, so long as this was deemed to be an asset properly included in your IVA.
Thanks for the reply Melanie.
My understanding of our terms are as follows:-
November 2012 - Proposed Variation to IVA - Financial Situation - 'To date I have received contributions totalling £....
The debtors are therefore up to date with the contributions to be made to the arrangements. In order to maximise the return to creditors the debtors have been successful in claims for PPI and Credit Card Refunds to the sum of £....
December 2012 - Accepted Variation:
Resolution 1 - Accepted with Mods - 'That creditors hereby accept a total sum of £.... in lieu of ongoing monthly contributions and permit the arrangement to be bought to an early conclusion.
December 2012 - Annual Report to creditors following Accepted Variation:
Supervisors Comments - 'In addition to funds held pre-variation of £..., the debtors offered these funds as a full and final settlement to their arrangement. This was accepted by creditors and this case can now be closed. A closure report will follow in due course.
July 2013 - Spotty letter received asking us to agree to another variation meeting and by doing this it changes the terms and conditions of our original contract which the above has been settled on.
GT got things moving very quickly after our case was taken over from Tenon and on the whole we were relieved that they sorted out our Full and Final Meeting, but to date we have totally given up on when we are likely to receive our Closing Certificate.
We have received so much support from this forum but we think that we will have to sign off for a while because we are getting so frustrated with everything.
We refused At first to sign anything to do with PPI and we were told if we did not sign it may delay our closure. Last payment May 2011. We then signed everything sent to us and months later I think their PPI investigations are almost over. . We still have no certificate and e mails go unanswered so GT are still dragging this out. Apparently we have paid everything and variation meeting was successful and we are back with the closure team where we have been now for another 2 months. I sometimes wonder if this closure team exist . Surely after 26 months it should not be a problem to issue a certificate. I would suggest to anyone wondering what to do to sign the letters or you may end up in our situation
